New Property Occupations Act comes into effect Dec 1

• Monty Van Dyk
• November 5, 2014

The real estate world is changing in Queensland

From December 1 industry specific laws will replace the then out dated Property Agents adn Motor Dealers Act, to be replaced by the incoming Property Occupations Act 2014.

What does this mean for you and for us?

Firstly the new Act will simplify the requirements within the industry.
Industry red tape will be reduced and relaxation to licence requirements for developers and agencies are to come into effect.

For the consumer and the agent the single biggest difference is the simplified 1 form for clients to appoint a property agent, as opposed to the 7 forms that currently exist.

Other key changes for property agents include:

1. no longer required to state how they will perform their servies

2. indicate the section of the appointment form that explains the different types of appointments, eg open, sole or exclusive

3. The maximum term of appointment is now 90 days for a sole or exclusive, however these may be terminated after 60 days if needed by the client.

4. End dates no longer required for continuing appointments

5. Deregulated limit on sale commission, meaning agents will be able to negotiate any commission with their clients.

6. Warning Statements no longer required for buyer or sellers with residential property contracts

7. Agents now will also be able to charge commission even though they have beneficial interest in a transaction so long as they declare this to the seller.

8. Buyers no longer require a lawyers certificate to waive or reduce their cooling off period.

 

These changes along with the single form aims to make the real estate industry more efficient and effective for both the seller and buyer.

You can read more about these changes on our website here